Tuesday, March 31, 2009

NAPSLO has unveiled its redesigned web site (www.napslo.org), featuring richer content, more timely news and additional resources designed to position the site as a central source of information about the Excess and Surplus Lines industry.

Web site improvements begin on the home page where visitors and members can find the latest NAPSLO and E&S news, an event “Schedule at a Glance” and a Video Center, which currently includes a video on recent legislative activity and U.S. Senate Banking Committee testimony by NAPSLO Executive Director Richard Bouhan. In addition to the current content, a redesigned “Careers” section is due in coming months.

“With richer content and more dynamic navigation, the new web site is and will continue to grow as a source of information not only for our members, but also for everyone in the insurance industry looking for information on NAPSLO and the E&S Lines industry,” said John Wood, NAPSLO President. “With everything from legislative updates to career information, this web site will help position NAPSLO as the industry leader.”

The web site features new subject areas on NAPSLO education and schools, legislation and regulation, upcoming events and the NAPSLO blog. An enhanced Newsroom features NAPSLO newsletters, E-news, news releases, breaking news, legislative and Derek Hughes/NAPSLO Educational Foundations news, as well as video and the organization’s annual report.

The site also includes a section on NAPSLO’s “Wholesaler Value” education and awareness campaign launched in the latter half of 2008 to increase awareness of the value that wholesalers bring to retail insurance agents and corporate risk managers in placing E&S lines coverage.

“Given the current market, it’s more important than ever that retail agents and brokers, and risk managers understand that wholesale brokers have the expertise, experience and knowledge to place E&S lines,” Wood said. “We expect the new NAPSLO web site to bring even more attention to our Wholesaler Value campaign and give our members information on how they can get involved.”

Friday, March 27, 2009

NAPSLO leaders said they were optimistic about passage of the Nonadmitted and Reinsurance Reform Act (NRRA) after more than 20 NAPSLO representatives visited with Members of the Senate Committee on Banking, Housing and Urban Affairs on Tuesday to discuss surplus lines issues.

During the meetings, NAPSLO representatives spoke with Senator Evan Bayh (D-IN), who along with Sen. Mel Martinez (R-FL), plan on introducing a version of NRRA. The visits were part of NAPSLO’s fourth annual “Day on the Hill” and members representing NAPSLO brokers and insurers met with almost all Members or staff on the Senate Banking Committee, and also with Leadership on the House Financial Services Committee.

"With the leadership of Senators Bayh and Martinez on surplus lines reform, there is tremendous hope that this important piece of legislation will pass," said NAPSLO President John Wood. “This bill was approved unanimously by the House of Representatives the past two sessions and based our discussions with Senators and Representatives this week we are encouraged that the bill will be introduced and passed by Congress.”

The Nonadmitted and Reinsurance Reform Act (NRRA) is aimed specifically at streamlining and reducing barriers in state regulation of surplus lines insurance and reinsurance. It would create a uniform system, while preserving the role of the state regulator.

“We believe this bill will solve a number of regulatory problems by establishing federal standards for state regulation, while retaining the state regulation that avoided many of the problems seen in the recent crisis,” said NAPSLO Executive Director Richard Bouhan. “The bill enjoys broad support within the industry and we look forward to its passage.”

In February, Rep. Dennis Moore (D-KS) and Rep. Scott Garrett (R-NJ) of the House Committee on Financial Services announced that they would take the lead in introducing the NRRA in the House. The NRRA is similar to bills passed by the House in the 109th and 110th Congress. The NRRA was also introduced in the Senate in the 110th Congress and the Senate Banking Committee discussed the bill in a hearing on insurance regulation in July of 2008. Chairman Dodd indicated his intent to move the bill at last summer's hearing but the financial crisis prevented further consideration of the bill by the Senate in 2008.

“We are encouraged by our discussions with Members of Congress and believe the bill has a good chance to be approved,” said Maria Berthoud of B&D Consulting, which represents NAPSLO in Washington. Berthoud added “the new leadership of Senator Bayh has given the bill added momentum."

Wednesday, March 18, 2009

NAPSLO officials said they are encouraged by the planned early reintroduction of the Nonadmitted and Reinsurance Reform Act of 2009 in the Senate and hope that the bill will be approved by the 111th Congress.

Senators Evan Bayh (D-IN) and Mel Martinez (R-FL), members of the Senate Committee on Banking, Housing and Urban Affairs, announced today that they will introduce a version of the Nonadmitted and Reinsurance Reform Act (NRRA) of 2009.

"We are thrilled to have garnered the leadership of Senator Bayh, a senior Democratic member of the Senate Banking Committee, to help lead the effort on surplus lines reform this year along with the continued excellent leadership of Senator Martinez," said Maria Berthoud of B&D Consulting, who represents NAPSLO in Washington, D.C.

"The new leadership of Senator Bayh shows the momentum the NRRA has this year. With the leadership of Senators Bayh and Martinez, we are optimistic about the bill's chances for passage." said NAPSLO President John Wood. “This bill was approved unanimously by the House of Representatives the past two sessions and the early introduction in the Senate offers encouragement that the bill will be approved by the 111th Congress and signed into law.”

The Nonadmitted and Reinsurance Reform Act (NRRA) measure is aimed specifically at streamlining and reducing barriers in state regulation of surplus lines insurance and reinsurance. It would create a uniform system, while preserving the role of the state regulator.

In February, Rep. Dennis Moore (D-KS) and Rep. Scott Garrett (R-NJ) of the House Committee on Financial Services announced that they would take the lead in introducing the NRRA in the House. The NRRA is similar to bills passed by the House in the 109th and 110th Congress. The NRRA was also introduced in the Senate in the 110th Congress and the Senate Banking Committee reviewed the bill during hearings on insurance regulation in late July of 2008. The bill received a favorable hearing however legislation regarding the financial crisis prevented further consideration of the bill by the Senate in 2008.

NAPSLO officials said they hope to see the bill introduced soon and believe there is continued strong industry support for the bill, as was stated during the Senate Banking Committee hearings in 2008.

“The bill enjoys broad support within the industry and we believe it will solve a number of regulatory problems by establishing federal standards for state regulation, yet will retain state regulation which avoided many of the problems seen in the recent crisis,” said NAPSLO Executive Director Richard Bouhan.

Thursday, March 12, 2009

Industry representatives who worked on drafting SLIMPACT will be meeting on Monday, March 16 at the Spring NAIC meeting in San Diego.

The meeting is not intended to be a drafting or redrafting session, but to discuss the status of SLIMPACT and other related matters and issues.

SLIMPACT is an interstate compact which could clarify the law and ease the regulatory burdens on E&S brokers when placing multistate risks; allow each compacting state to collect taxes on all nonadmitted risks where risk exposures are present in the compacting state(s); and save E&S brokers, over time, hundreds of millions of dollars in frictional costs associated with current efforts to comply and pay taxes state by state on each multistate risk the broker places.

For more information contact NAPSLO Director of Government Relations Steve Stephan.

Wednesday, March 04, 2009

Services for NAPSLO Past President Mary Ellen Rozzell will take place on Monday, March 9 at 9:30 a.m. at St. Mary’s Church, 91 Home Avenue, Rutherford, NJ 07070.

Viewing at Collins Calhoun Funeral Home will be on Saturday, March 7 from 2:00 p.m. – 4:00 p.m. and 7:00 p.m. – 9:00 p.m. Viewing on Sunday, March 8 will be from 1:00 p.m. – 4:00 p.m. only. The funeral home is located at 19 Lincoln Ave., Rutherford, NJ 07070 and the phone number is (201) 939-1050.

She was taken to Eisenhower Medical Center in Rancho Mirage, California, where surgery was performed. With little hope of recovery, Mary Ellen was placed on life support until she passed away peacefully today.

Mary Ellen began working in the Excess & Surplus Lines business with the Marmorstein Agency some forty years ago and currently served as President of Continental/Marmorstein & Malone and was the immediate Past President of NAPSLO.

Mary Ellen loved her job and had made so many lifelong friendships with companies, agents and fellow competitors. She will be missed by all that knew her.

Arrangements have not yet been completed. Details will be posted on the NAPSLO blog when finalized.

Monday, March 02, 2009

As many of you already know, former NAPSLO President Mary Ellen Rozzell was rushed to the Emergency Room at the Eisenhower Medical Facility in Rancho Mirage, CA early Saturday morning. At the time, she was attending the NAPSLO Mid-Year Educational Workshop in Palm Springs, CA.

At the facility, she was examined and found to be in very serious condition and was diagnosed as having a massive brain hemorrhage which was determined to be related to a genetic circulatory problem called Arteriouvenous Malformation or AVM.

The medical team performed surgery on Saturday morning after which Mary Ellen was placed in the critical care unit of the hospital.

Our prayers and thoughts go to Mary Ellen, her family, her many friends in our industry and her colleagues at Continental / Marmorstein & Malone.